A bipartisan commission on fiscal responsibility and reform would be established under a bipartisan bill introduced on Sept. 28 by U.S. Rep. Bill Huizenga (R-MI).
“The only way to get our nation’s fiscal house in order is for Congress to face reality and address the unsustainable trajectory of our national debt,” Rep. Huizenga said last week.
The Fiscal Commission Act of 2023, H.R. 5779, would task the 16-member commission with proposing recommendations to improve the nation’s medium and long-term fiscal trajectory. The commission would consist of members of Congress and individuals from the private sector, according to a bill summary provided by Rep. Huizenga’s staff.
“For too long, Congress has kicked the can down the road and not made the decisions necessary to secure our nation’s fiscal future for the next generation of Americans,” said Rep. Huizenga. “The Fiscal Commission Act of 2023 requires Congress to vote on serious proposals from this bipartisan commission that will significantly improve the financial health of our nation.”
H.R. 5779 has 14 original cosponsors, including lead original cosponsor U.S. Rep. Scott Peters (D-CA), who along with Rep. Huizenga is co-chair of the Bipartisan Fiscal Forum. Other original cosponsors include U.S. Reps. Tom Cole (R-OK), Adrian Smith (R-NE), and Blake Moore (R-UT).
Once formed within 60 days of the bill’s enactment, the commission would identify policies to improve the fiscal situation in the medium term and to achieve a sustainable debt-to-GDP ratio in the long term, states the summary, and for any recommendations related to federal programs for which a federal trust fund exists, solvency must be improved for decades to come.
Specifically, the commission would propose recommendations designed to balance the budget at the earliest reasonable date, including at minimum stabilizing the debt-to-GDP ratio at or below 100 percent within 10 years, according to the bill summary, and would propose recommendations that meaningfully improve the long-term fiscal outlook, including changes to address the growth of direct spending and the gap between revenues and expenditures, among other provisions.
Additionally, the commission would vote on its recommendations shortly after the 2024 election and no later than Nov. 15, and would send the recommendations to both houses of Congress, which would be required to vote on the proposal.